Ryan -
Product updates are done on a continual basis, we make minor changes or updates (new reports etc.) to the product every 2 weeks although any bug fixes are resolved faster, We also do major updates about 3 times a year, the next major update is planned for end of September and you will hear about it soon.
During the major updates we do have a scheduled downtime, which is usually over a weekend.
Thanks,
Maulik